OTTAWA, ON — Canada's new construction housing market declined 13.2% in November, dropping to 181,100 units on a seasonally adjusted annual rate.
This drop from October's rate of 208,800 was expected, according to Canada Mortgage and Housing Corporation (CMHC).
“Housing starts declined in November, reaching a level which is more consistent with the rate of household formation," said Mathieu Laberge, deputy chief economist at CMHC’s Market Analysis Centre. "The decrease in housing starts was due to a moderation in the multiples segment."
The seasonally adjusted annual rate of urban starts decreased by 14.4% to 158,900 units in November. Urban single starts increased by 3.5% in November to 63,600 units, while multiple urban starts were down by 23.3% to 95,300 units.
November’s seasonally adjusted annual rate of urban starts decreased by 30.6% in Ontario, 13.4% in the Prairies and 3.6% in British Columbia. Atlantic Canada and Quebec bucked the downward trend, posting increases of urban starts of 8.3% and 3.2% respectively.
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